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Borrowing Advice

Link to ASKLiON money page

Always look at the total cost of the loan including any fees. The cheapest places to borrow will be either a bank, building society or the Notts and Lincs Credit Union. Don’t get fooled by glossy adverts from payday lenders, highstreet lending shops or lenders who come to your front doorstep. These might seem like an easy way to get cash quickly, but you will end up paying a lot more because of their high interest rates.

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Choose A Responsible Lender

If you have to borrow, choose a responsible lender with low interest rates. The Notts and Lincs Credit Union offers low-cost loans from a little as £100

Check If You Are Eligible For A Budgeting Loan

you may be eligible for a Budgeting Loan if you’ve been on certain benefits for six months. You only have to pay back the amount you borrow, and repayments are taken automatically from your benefits.

Click here to visit the GOV.UK Budgeting Loans webpage

Find Local Advice Centres & Services

Please visit our Help and Advice section  for advice centre contact information or to find local support services.

Loan Sharks

Follow these safety tips provided by to protect yourself and loved ones from loan sharks:

1. If you're struggling to make ends meet and need cash fast, the thought of a loan shark might seem tempting, but remember these lenders are not your friends. Debt can quickly spiral out of control – it's important to think carefully before taking out a loan and consider other options.

2. Never send money or give credit card, online account details or copies of personal documents to anyone you don’t know or trust. This information is valuable so make sure you protect it from criminals who can use it to find and stalk you, harass you or threaten those you love.

3. If you’re thinking about borrowing money, it’s important to check that your lender is genuine. Loan sharks operate illegally without the correct permission from the Financial Conduct Authority (FCA). Do your research first and check the firm or person you're dealing with is listed on the Financial Services Register.

4. When exploitative loan sharks are preying on hardship, it’s vital for people to know there is an ethical, local, not-for-profit alternative available. Credit unions are a lifeline for many people, with their services helping members to save regularly, borrow responsibly and keep track of their finances. There are other community lenders who are mostly not for profit, and who reinvest any surpluses into serving vulnerable customers, which can be found on

5. Getting trapped in a never-ending spiral of debt after borrowing from a loan shark can have devastating consequences, not only on your finances but also on most other aspects of your life, including your mental health, work and relationships with your family and friends.

If you're worried about a friend or family member, or if you need help yourself, Stop Loan Sharks can offer confidential advice and support. Are you worried about a friend or family member who is being taken advantage of by a loan shark?

Contact the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 for support or visit Live Chat is available on the website between 9am and 5pm, Monday to Friday.

Loan Cautions

NEVER Borrow From A Loan Shark

Please visit

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